Pt. 4B inserted (1.9.2009) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/2036), regs. 1, 24

Reg. 69Z61(2A) inserted (29.12.2017) by The Corporate Interest Restriction (Consequential Amendments) Regulations 2017 (S.I. 2017/1227), regs. 1, 2(4)

http://www.legislation.gov.uk/uksi/2006/964/regulation/69Z61The Authorised Investment Funds (Tax) Regulations 2006texttext/xmlenINCOME TAXCORPORATION TAXCAPITAL GAINS TAXStatute Law Database2024-05-16Expert Participation2021-12-09In the Finance (No. 2) Act 2005 (c. 22) (“the 2005 Act”), Chapter 3 of Part 2 makes provision relating to authorised investment funds. Existing statutory provisions dealing with authorised investment funds cease to have effect on such day as the Treasury may appoint by order (see sections 17(1) and 19(1) of the 2005 Act). Arrangements are being made for the enactments specified in section 17(1) of the 2005 Act to be repealed.PART 4BTAX ELECTED FUNDSCHAPTER 4DISTRIBUTIONS MADE BY TAX ELECTED FUNDS69Z61TEF distributions (non-dividend)1

This regulation applies if—

a

a Tax Elected Fund makes a distribution, and

b

the amount distributed includes sums attributed to TEF distributions (non-dividend).

2

The Tax Acts shall have effect as if the sums were payments of yearly interest made on the distribution date by the fund to the participants in proportion to their rights.

2A

For the purposes of Part 10 (Corporate Interest Restriction) of TIOPA 2010, a TEF distribution (non-dividend) is treated as not being a tax-interest expense amount of the Tax Elected Fund.

3

In these Regulations a “TEF distribution (non-dividend)” means a sum attributed to TEF distributions (non-dividend) which is distributed (including a payment made to a participant who is not chargeable to income tax).

4

This regulation is subject to regulation 23 (treatment of de minimis amounts).

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<p>
Pt. 4B inserted (1.9.2009) by
<ref href="http://www.legislation.gov.uk/id/uksi/2009/2036">The Authorised Investment Funds (Tax) (Amendment) Regulations 2009 (S.I. 2009/2036)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2009/2036/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2009/2036/regulation/24">24</ref>
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<ref href="http://www.legislation.gov.uk/id/uksi/2006/964/regulation/69Z61/2A">Reg. 69Z61(2A)</ref>
inserted (29.12.2017) by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1227">The Corporate Interest Restriction (Consequential Amendments) Regulations 2017 (S.I. 2017/1227)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1227/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1227/regulation/2/4">2(4)</ref>
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PART 4B
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">TAX ELECTED FUNDS</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">CHAPTER 4</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">DISTRIBUTIONS MADE BY TAX ELECTED FUNDS</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">69Z61</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">TEF distributions (non-dividend)</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318"> This regulation applies if—</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">a</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">a Tax Elected Fund makes a distribution, and</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">b</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">the amount distributed includes sums attributed to TEF distributions (non-dividend).</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">The Tax Acts shall have effect as if the sums were payments of yearly interest made on the distribution date by the fund to the participants in proportion to their rights.</ins>
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2A
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<ins class="key-edd31d88892d2b065a072b5ec6397721-1602072558053 last">For the purposes of Part 10 (Corporate Interest Restriction) of TIOPA 2010, a TEF distribution (non-dividend) is treated as not being a tax-interest expense amount of the Tax Elected Fund.</ins>
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<ins class="key-99ec40eae4e63472000e98d5a2a781e8-1601050466318">In these Regulations a “TEF distribution (non-dividend)” means a sum attributed to TEF distributions (non-dividend) which is distributed (including a payment made to a participant who is not chargeable to income tax).</ins>
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